DES MOINES, Iowa (AP) — Gov. Terry Branstad will sign legislation designed to reduce commercial property taxes in Iowa.
Branstad announced Wednesday that he will sign the bill into law on June 12 in Hiawatha. The compromise legislation passed by the Iowa Legislature will reduce taxable assessments for commercial properties, as well as offer tax credits geared at small businesses.
The plan also limits the amount that residential and agricultural property values can grow. And it provides some income tax breaks to Iowa taxpayers.
Commercial property tax cuts were a top priority for Branstad during the 2013 legislative session.